Common use of ASSIGNMENT OF PARTICIPATING INTEREST Clause in Contracts

ASSIGNMENT OF PARTICIPATING INTEREST. 23.1 A Party may assign its Participating interest or a part thereof. The assignment agreement shall contain provisions stipulating that the assignee shall be bound by this Agreement and the conditions of the Production License with subsequent amendments and supplements. Before the obligatory work commitment pursuant to the Production Licence has been carried out a Party cannot, without the consent of the management committee, assign its Participating interest or part thereof to others than an Affiliated company.

ASSIGNMENT OF PARTICIPATING INTEREST. 23.1 A Party may assign its Participating interest or a part thereof. The assignment agreement shall contain provisions stipulating that the assignee shall be bound by this Agreement and the conditions of the Production License Licence with subsequent amendments and supplements. Before the obligatory work commitment pursuant to the Production Licence has been carried out a Party cannot, without the consent of the management committee, assign its Participating interest or part thereof to others than an Affiliated company.